Downhole components such as the impellers, diffusers, and other parts of submergible pumps, are commonly formed of corrosion resistant, high nickel-copper gray cast iron alloys such as Ni-Resist. These alloys may comprise as much as 17.5% nickel and 7.5% copper, for example, and are quite expensive. Attempts to provide alloys with the corrosion resistance, high temperature strength, and other properties of alloys like Ni-Resist, but at lower cost, have not met with success.